货币政策、民营企业投资效率与公司期权价值

Monetary Policy, Investment Efficiency and Equity Value

本文首先考察了货币政策对民营企业融资约束和投资效率的影响。研究发现,宽松的货币政策减少了民营企业的融资约束,但对投资效率的影响则呈现非线性关系。本文进一步从实物期权的角度考察了货币政策对公司增长与清算期权价值的影响,结果表明:高盈利能力公司的增长期权价值在宽松货币政策时期更大,而低盈利能力公司的清算期权价值在紧缩货币政策时期更高。本文的研究结论有助于理解在不同的货币政策状态下,资本逐利这一经济规律的表现形式;同时,本文的经验证据还有助于从投资效率和公司价值的角度评价宏观经济政策对微观经济实体的影响,从而为决策部门制定恰当的经济政策、促进宏观经济体系的良好运转提供政策性建议。

This paper firstly investigates how monetary policy influences the financing constraints and investment efficiency. this paper finds that loose monetary policy will reduce the company＇s financing constraints of family firms. In addition, this paper finds that the impact of monetary policy on investment efficiency is non-linear. Finally, This paper investigates the impact of monetary policy on the equity value from the perspective of real option. We observe that the loose monetary policy will increase the equity value of growth options for high-profitability firms, and the tight monetary policy will increase the equity value of put options for low-profitability firms. The empirical results will be helpful to understand the economic rule of capital-follow-profitability under different government interventions. Moreover, from the perspective of investment and valuation, this study will be helpful to evaluate the impacts of macroeconomie policy on the microeconomic entities, and then help the government develop appropriate economic policies to promote the well-functioning of macroeeonomic system.